Okta, Inc. Thesis

Okta is a leader in the Identity and Access Management (IAM) market. Its primary moat is its vendor-neutral platform, which integrates with thousands of applications, making it a critical infrastructure component for enterprises. The company's growth is driven by the increasing need for secure identity solutions in a cloud-first world. Recent security breaches have been a headwind, but the company is focused on regaining customer trust. The long-term thesis rests on its ability to expand its platform and become the universal standard for identity.